SOL held above $77, but don’t rush to shout “a reversal.”

On Wednesday, the price held steady above 77, and the weekly chart is up by more than 2 points. The funding conditions look like they’re warming up a bit—spot Solana ETFs saw net inflows for two straight days, and on the derivatives side, longs are also adding positions. Short-term sentiment has definitely improved somewhat.

Currently it’s quoted at $78.05, just sitting above the 50-day moving average (76.76) and the $77 support level. The foundation for this rebound hasn’t been broken—for now.

But don’t let this small uptick fool you. Overhead there’s still resistance at the 100-day moving average at $80.39, not to mention the 200-day moving average at $92.87. The big-picture trend hasn’t truly flipped bullish yet; at most, this is an oversold rebound and repair.

What really matters is whether price can keep holding above the $79.27 to $80.39 range. If it can, market confidence will truly return; otherwise, it’s just a small rebound inside a range-bound market.

ETF inflows are a good thing, but net inflows over just two days don’t prove much—what matters is whether it can continue. The increase in long positions is only expectation-driven positioning; actual “real money” buying hasn’t formed a concerted force yet.

So from this level, it looks like it’s holding—but resistance overhead is heavy. Don’t let one green day change your mind; wait for it to clear 80 first.
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